Daily Tax Report ®

IRS Pub.: Depreciation of Property Information Updated (IRC §168)

March 25, 2020, 5:00 AM

Publication 946, How to Depreciate Property, updated for use in preparing 2019 tax returns, the IRS released March 24. The updated publication notes the dollar amount in effect for tax code Section 179 expensing and the retroactive extension for 2019 and the expiration at the end of 2020 for depreciation of certain race horses, second generation biofuel plant property, motorsports and entertainment complexes, and qualified Indian reservation property. [IRS Pub. 946]

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